Nfc open linkedin profile in app12/27/2023 ![]() Peer to Peer- This mode facilitates the exchange of data between 2 NFC-enabled devices and is used mostly for file transfers between 2 devices. The maximum transferring speed is 424kbps. They exchange data over a 13.56 MHz radio spectrum, which only works when the chips are very close together. When 2 NFC-enabled devices come within 2 inches of each other, magnetic induction is activated. Near Field Communication (NFC) is a wireless communication technology introduced in the early 2000s that enables the transfer of data between 2 NFC-enabled devices placed closely using radio-frequency. NFC is the technology that drives these payments. Overall, these factors have highly contributed to an increase in contactless payments. ![]() ![]() Also, due to the ongoing Covid-19 pandemic, customers now prefer contactless payments to avoid disease transmission via touch at POS terminals at store checkouts. Faster data processing, enhanced data security, and greater customer-centric features have led to a boom in mobile payment applications. With the advent of mobile payments, we see a shift from a cash-driven economy to a more cashless economy. This blog will provide readers an overview of NFC and Contactless payments and their relevance in the Financial world. Many of these projects are focused on improving operational efficiency Financial Data Processing and Reporting. Understanding how contactless payments workĪt Clairvoyant, we have performed multiple Big Data and Cloud implementations for our clients and accelerated their digital transformation journeys.
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